Indian markets bounced back on Wednesday snapping earlier losses. Both Sensex and Nifty were trading at a new life time high. At 12.26 p.m, the Sensex was trading up 120.08 points or 0.37% at 32,348.35 with 24 components gaining. Meanwhile, the Nifty was trading higher by 41.15 points or 0.41% at 10,005.70 with 35 components gaining.

Major gainers in the 30-share index were GAIL (India) (2.51%), Tata Steel (2.28%), Sun Pharmaceutical Industries (1.70%), Mahindra & Mahindra (1.62%), Reliance Industries (1.47%), and ICICI Bank (1.07%).

On the other hand, Axis Bank (2.40%), Asian Paints (1.57%), Tata Consultancy Services (0.41%), Bharti Airtel (0.26%), Tata Power Company (0.12%), and Bajaj Auto (0.10%) were the biggest losers in the Sensex.

Market breadth was positive with 1,342 advances against 916 declines.

Rural Electrification Corporation topped the value chart on the BSE with a turnover of Rs. 1,362.92 million. It was followed by Housing Development Finance Corporation (Rs. 741.78 million), Reliance Industries (Rs. 531.71 million) and K P I T Technologies (Rs. 439.29 million).

The volume chart was led by Lanco Infratech with trades of over 21.58 million shares. It was followed by Jaiprakash Associates (12.65 million), Unitech (8.63 million) and Rural Electrification Corporation (7.64 million).